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Where Molecular Science Meets Artificial Intelligence J.P. Morgan Annual Healthcare Conference January 12, 2026
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Important Information and Disclaimer ©2026 Caris Life Sciences 1 Forward-Looking Statements This presentation contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding our business, solutions, plans, objectives, goals, industry trends, financial outlook and guidance. In some cases forward-looking statements can be identified by words such as “may,” “will,” “should,” “would,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “potential,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or similar expressions. You should not rely upon forward-looking statements as predictions of future events. Although we believe that the expectations reflected in these forward-looking statements are reasonable based on information currently available to us, we cannot guarantee that the future results, discoveries, levels of activity, performance or events and circumstances reflected in forward-looking statements will be achieved or occur. Forward-looking statements involve known and unknown risks and uncertainties, some of which are beyond our control. Risks and uncertainties that could cause our actual results to differ materially from those indicated or implied by the forward-looking statements in this press release include, among other things: developments in the precision medicine industry; our future financial performance, results of operations or other operational results or metrics; development, analytical and clinical validation, timing and performance of future solutions by us and our competitors; commercial market acceptance for our solutions, including acceptance of preventive as well as diagnostic testing paradigms, and our ability to meet resulting demand; the rapidly evolving competitive environment in which we operate; third-party payer reimbursement and coverage decisions related to our solutions; risks related to data management, storage, and processing capabilities and our ability to integrate and deploy artificial intelligence and advanced data analytics technologies; our ability to protect and enhance our intellectual property; regulatory requirements, decisions or approvals (including the timing and conditions thereof) related to our solutions; reliance on third-party suppliers; risks related to data security, patient privacy, and compliance with healthcare data protection regulations as well as potential cybersecurity threats to our data platforms; our compliance with laws and regulations; the outcome of government investigations and litigation; risks related to our indebtedness; and our ability to hire and retain key personnel as well as risks, uncertainties, and other factors described in the section titled “Risk Factors” and elsewhere in our Quarterly Report on Form 10-Q filed on November 5, 2025, and in our other filings we make with the SEC from time to time. We undertake no obligation to update any forward-looking statements to reflect changes in events, circumstances or our beliefs after the date of this press release, except as required by law.
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Mission Caris was founded to make precision medicine a reality. We aim to fundamentally change the way disease is characterized and treated. We believe that more information is more power. And our philosophy is to provide every patient more power in the battle against disease. ©2026 Caris Life Sciences 2
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©2026 Caris Life Sciences 3 Caris Life Sciences® Note: Datapoints are as of December 31, 2025, unless otherwise specified. Superior Technology: Offerings Reveal a More Complete Molecular Blueprint to Decode Cancer and Help Guide More Precise and Individualized Treatment Powerful Pipeline: Expanding into Early Detection, MRD and Monitoring, Early-Stage Breast and Heme for Therapy Selection Strategic Collaboration Network: 99 Leading Cancer Centers in the Precision Oncology Alliance (POA) and over 1,200 publications Comprehensive Oncology Database: 1,016,000+ Molecular Profiles State-of-the-Art Genomics Labs: Significant capacity with ~52 Novaseqs Distribution Network: 250+ Specialized Oncology Sales FTE in the Field Global Presence: Dallas HQ and Phoenix Labs, with other offices in New York, Cambridge, Basel and Tokyo – 1,800+ total employees Leader in Precision Oncology, Molecular Diagnostics and Oncology Bioinformatics
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Powerful Platform: Realizing The Potential Of Precision Medicine With Molecular Information ©2026 Caris Life Sciences 4 23,000+ Full Gene Coverage 71+ Petabytes of Genomic Data 6,000+ Ordering Oncologists 99 POA Members 627,000+ Whole Exomes Cases 22% Case Volume Growth in 2025 Drug Discovery & Data Analytics Data & AI-Enabled Drug Discovery Precision Oncology Alliance (POA) Research, Data & Clinical Trials Collaboration AI & Dataset Multi-Modal, Clinico- Genomic Dataset Leveraging AI/ML at Scale Caris Assure Blood-Based Therapy Selection Platform ~199,300. Cases Completed in 2025 1MM+ Cases Profiled in Genomic Dataset (1) MI Profile Tissue-Based Therapy Selection Platform (1) Approximate clinical volumes based on unaudited Q425 and full year 2025 results provided on January 12, 2026. (1)
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Significant “scale” in data Scaled cohorts for research Multi-omic: DNA, RNA, Proteins Breadth: 23,000+ genes High sequencing depth Internally generated genomic dataset 1,016,000+ Molecular Dataset of Comprehensive Tumor Patient Profiles, Including 627,000+ Whole Exomes 740,000+ Profiles With Matched Molecular Data & Clinical Outcomes 678,000+ Whole Transcriptomes 5,330,000+ Digitized Pathology Slides 3,670,000+ Digitized IHCs 1,650,000+ Digitized H&Es One Of The Largest & Most Comprehensive Clinico-Genomic Datasets ©2026 Caris Life Sciences 5Note: Datapoints are as of December 31, 2025, unless otherwise specified. 1,016,000+ Cases Since 2009
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Key Molecular Market Trends ©2026 Caris Life Sciences 6 Cancer Centers Are Standardizing Molecular Profiling Towards The “Technology & Service Leader” Away From Multiple Providers & Internal Panels Cancer Centers Are Moving Towards “Institutional” Decisions Regarding A Molecular Information Partner Comprehensive Molecular Profiling as Standard of Care Precision Oncology Programs (POP) Clinico-Genomic Data Strategies Internal Labs Under Pressure Large and Growing TAM
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Caris Market Reach ©2026 Caris Life Sciences 7 Patient & Physician Orientation “PATIENT FIRST” PHILOSOPHY SOPHISTICATED SUPPORT FOR TREATING ONCOLOGISTS Commercial Platform Investment ~250 FIELD-BASED TEAM & ~50 MSLs SERVING MORE THAN 6,000 ONCOLOGISTS IN THE U.S.(1) Strategic “Institutional” Relationships STRATEGIC COVERAGE TEAM FOR INSTITUTION LEADERSHIP ACROSS ENTIRE CANCER CENTER Advancing Academic Research PRECISION ONCOLOGY ALLIANCE (POA) – 99 SITES (46 NCI) 1,200+ PUBLICATIONS Technology-Enabled Platform SUPPORT “EASE OF USE” 3,350+ EHR-INTEGRATED ORDERING LOCATIONS RAPID TURNAROUND TIME (TAT) Note: Datapoints are as of December 31, 2025, unless otherwise specified. Molecular Science Liaison (“MSL”).
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Advancing Precision Medicine with the Caris Precision Oncology Alliance (POA) Research & Publications Supporting research, publication and education efforts across the institutions 4,000+ ONCOLOGISTS 700+ LOCATIONS 650K+ NEW PATIENTS ANNUALLY Precision Oncology Care Promoting the appropriate use of broad molecular testing in diagnosis and treatment Clinical Trials Connecting responsive patients to the right trials faster Data Access & Solutions Providing access to Caris’ clinico-genomic dataset (740K+ patients matched clinically) 99 Members (Including 46 NCI-Designated Cancer Centers) New Members Added Q4 2025 8©2026 Caris Life SciencesNote: Datapoints are as of December 31, 2025, unless otherwise specified.
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Continued POA Membership Growth Progress Towards Goal Of 100 Sites POA Member Growth: 2017 – 2025 5 4 9 15 11 17 16 6 3 14 19 23 32 47 58 74 90 96 19 23 32 47 58 75 90 96 99 2017 2018 2019 2020 2021 2022 2023 2024 2025 Sites Added Existing Sites 49 104 146 185 236 280 325 419 531 655 756 27 46 74 109 138 172 220 250 285 358 448 76 150 220 294 374 452 545 669 816 1,013 1,204 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Peer-Reviewed Manuscripts Abstracts, Posters & Presentations 1,200+ Aggregate Caris Publications(1) 20 27 34 42 45 46 2020 2021 2022 2023 2024 2025 POA NCI-Designated Cancer Centers ©2026 Caris Life Sciences 9Note: Datapoints are as of December 31, 2025, unless otherwise specified. (1) Includes Abstracts, Posters, Presentations and Peer-Reviewed Manuscripts.
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Academic Community 85 175 290 290 275 250 Jan. 2019 YE 2020 YE 2022 YE 2023 YE 2024 YE 2025 Robust Commercial Channel Tailored For Market Segments ©2026 Caris Life Sciences 10 Customer Segmentation & Coverage Strategy Customers Commercial Salesforce Size Corporate PPM Academic ~30% Community ~70% Note: Datapoints are as of December 31, 2025, unless otherwise specified. Salesforce figures rounded to the nearest 5 FTEs. ~2/3rd of Market Involves “Institutional” Profiling DecisionsCorporate PPM
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59,900 75,300 97,300 128,800 162,900 199,300 * 44,000 52,700 * CY 2020 CY 2021 CY 2022 CY 2023 CY 2024 CY2025 Q4 2024 Q4 2025 YoY Growth Technology Differentiation and Commercial Execution Driving Consistent Clinical Volume Growth ©2026 Caris Life Sciences 11 40% 32% 29% 26% 26% 28% 20% Note: Volume rounded to nearest 100. * Approximate clinical volumes based on unaudited Q425 and full year 2025 results provided on January 12, 2026. Total Clinical Volume +22% YoY Growth CY‘25 +27% CAGR CY‘20-CY‘25 Performance Drivers Strong performance across therapy selection Comprehensive WES/WTS technology resonating with oncologists and patients Continued traction with Caris Assure roll-out Differentiated strategic coverage model and commercial strategy resonating across the channel 22%
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©2026 Caris Life Sciences 12 Technology Leadership FIRST & ONLY FDA-APPROVED WES/WTS TISSUE-BASED ASSAY (MI CANCER SEEK) COMPREHENSIVE WES/WTS BLOOD-BASED PROFILING SOLUTION (CARIS ASSURE) Strong Product Pipeline EXPANDING INTO MRD/MONITORING AND EARLY DETECTION WITH CARIS ASSURE BLOOD PLATFORM ALONG WITH HEME THERAPY SELECTION AND EARLY- STAGE BREAST RECURRENCE Platform for Sustainable Growth TARGETED SALES ORGANIZATION – ~250 SALES FTEs & ~50 MSLs DEEP, HIGH-QUALITY INSTITUTIONAL RELATIONSHIPS Strong Financial Profile* SUBSTANTIAL SCALE & GROWTH – $281MM OF REVENUE IN 4Q25 (116% YoY GROWTH) CASH, CASH EQUIVALENTS, RESTRICTED CASH & MARKETABLE SECURITIES OF $802MM Investment Highlights Caris Is Using The Power Of AI To Pioneer Precision Medicine Note: Datapoints are as of December 31, 2025, unless otherwise specified. MSL = Molecular Science Liaison; * Approximate preliminary revenue and cash holdings based on unaudited Q425 and full year 2025 results provided on January 12, 2026.
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Platform / Pipeline / Discovery Update ©2026 Caris Life Sciences 13
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Achieve 2 Enrollment Status Caris Detect For Multi-Cancer Early Detection (MCED) Achieve 1 & 2 Study Status ©2026 Caris Life Sciences 14 Achieve 1 Enrollment completed with ~3,000 Subjects enrolled 30% completed with strong initial results indicated Expected readout of full results in the first quarter of 2026 Cancer Type ACHIEVE 2 enrollment ongoing Target: 25,000 subjects Normal 14,602 Colon Advanced Adenoma 2,704 Breast / Breast In Situ 489 Prostate 130 Colorectal 79 Lung 63 Female Genital Tract 56 Head and Neck 36 Esophageal/Gastric 21 Pancreatic 20 Cervical 13 Kidney 12 Ovarian 11 Liver 11 Sarcoma 10 Melanoma 7 Thyroid 7 Neuroendocrine 6 Skin 5 Other/Pending 233 Total Cancers/Adenomas 3,913 Total Subjects 18,515
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Caris Detect For Multi-Cancer Early Detection (MCED) Collaboration Announcement ©2026 Caris Life Sciences 15 Launch Timing: Caris Detect (MCED) expected to be available through Everlywell in 1H 2026 Caris Market Reach: 1MM+ cases completed and one of the largest clinico-genomic databases was utilized to train Caris Detect Everlywell Market Reach: 3.6MM tests shipped in 2025 and 60MM+ customers served to date End-to End Telehealth & Clinical Support: for review, authorization, results delivery and follow up Pricing: Initial launch of Self Pay model with price of $3,500
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Therapy Selection for the following: • Acute Myeloid Leukemia (AML) • Myelodysplastic Syndromes (MDS) • Myeloproliferative Neoplasms (MPN) • Suspected myeloid malignancies with persistent cytopenias and other causes reasonably excluded PATIENT POPULATIONPRODUCT FEATURES Caris ChromoseqTM WHOLE GENOME WHOLE TRANSCRIPTOME Technical Assessment submitted to MolDX Parameter* PPA NPA SNV/Indels 0.997 0.995 CNA 0.96 0.998 CND 0.97 0.999 SV 0.94 0.97 PERIPHERAL BLOOD BONE MARROW OR SHORT VARIANTS COPY NUMBER VARIANTS STRUCTURAL VARIANTS ©2026 Caris Life Sciences 16 >200x depth of coverage across WGS Detects all types of genomic alterations (mutations, fusions, copy number alterations, expression, ploidy) 1.6 billion reads per patient HYBRID WGS/WTS * Caris internal validation study with 300 samples
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Breast cancer patients who are: • ER-positive (estrogen receptor–positive) • HER2-negative • Lymph node–negative, or sometimes with 1–3 positive nodes (especially postmenopausal patients) • Stage I or II PATIENT POPULATIONPRODUCT FEATURES Uses MI Profile platform and Digital AI Provides both early and late recurrence scores Superior performance to currently available offerings Caris MI ClarityTM WHOLE EXOME WHOLE TRANSCRIPTOME Pursuing Reimbursement 63.0% 43.8% Caris MI Clarity Oncotype Dx Early Distant Recurrences Identified % 2 46/73 32/73 4.09% 0.49% 3.10% 1.40% High Risk Low Risk Absolute Benefit % 1 BCI BETTER > WORSE BETTER < WORSE DIGITAL H&E TISSUE FROM BREAST CANCER SURGERY AI RISK SCORE EARLY RECURRENCE RISK LATE RECURRENCE RISK ©2026 Caris Life Sciences 17 1. BCI performance data as published in Mamounas, Eleftherios P et al. The Lancet Oncology, Volume 20, Issue 1, 88 - 99. Caris performance data based on Caris internal validation study utilizing the same samples as the BCI study 2. Oncotype Dx performance data as published in 2. Sparano, J. A., Gray, R. J., Makower, D. F., Pritchard, K. I., Albain, K. S., Hayes, D. F., ... & Sledge Jr, G. W. (2018). Adjuvant chemotherapy guided by a 21-gene expression assay in breast cancer. New England Journal of Medicine, 379(2), 111-121. Caris performance data based on Caris internal validation study utilizing the same samples as the Oncotype Dx study. MI PROFILE CARIS BCICARIS
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MRD intended use: • CRC • MRD CRC test is a minimal residual disease diagnostic test utilized for patients with stage II and III solid tumor cancers post curative intent treatment prior to adjuvant chemotherapy. The assay simultaneously profiles cancer-associated ctDNA/RNA alterations by analyzing a whole blood sample PATIENT POPULATIONPRODUCT FEATURES Uses Caris Assure platform Tumor naive submission High concordance to tumor informed approaches Caris Minimal Residual Disease (MRD) WHOLE EXOME WHOLE TRANSCRIPTOME Technical Assessment submitted to MolDX 18 WHOLE GENOME Intended use: • Pan-Tumor Stage I, II, and III • Tumor/Normal WGS used to identify trackers • Proprietary approach to minimize false negatives • Maximizes tracker count to achieve ultra-low PPM Uses Caris Precision WG platform Tumor informed Ultra-low sensitivity Launch planning initiated TUMOR NAIVE TUMOR INFORMED
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Caris Discovery & Genentech Partnership Announced December 16, 2025 ©2026 Caris Life Sciences 19 $25MM UPFRONT & NEAR-TERM PAYMENTS POTENTIAL ONGOING MILESTONES $1.1BN + % Royalties Upfront Payment of $20MM with an additional $5MM in near team payments Partnership Milestone Incentives Research, Development, Commercial Sales Milestones Tiered Royalties Potential Total Contract Value of $1.1B Royalties % not included in PTCV
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Recent Strategic Partnerships Validate Our Differentiated Approach Bispecific Antibodies August 2022 Bispecific Antibodies Expansion January 2023 Antibody-Drug Conjugates April 2024 Ongoing Novel Solid Tumor Targets December 2025 Discussions with Top Pharma ©2026 Caris Life Sciences 20 Since launching ~3 years ago, Caris Discovery has accrued more than $2 billion in potential total contract value ~$2.3BN Potential TCV ~$100MM ~$129.5MM ~$1.0BN ~$1.1BN
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Performance Update ©2026 Caris Life Sciences 21
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©2026 Caris Life Sciences 22 Q425 strong revenue growth of 116% - from $130MM to $281MM * Consistent Clinical case volume growth of 20% - completing ~52,700 clinical cases * Clinical ASP improvement of 139% - from $2,148 to ~$5,123 * Dataset surpassed 1,016,000+ genomic profiles and 740,000+ matched profiles including over 627,000 WES and 678,000 WTS Cash, cash equivalents, restricted cash and marketable securities of ~$802MM* ($43MM net cash increase for Q425) Announced Genetech Discovery Collaboration with potential total contract value of $1.1BN Q4 2025 Preliminary Performance Highlights * Approximate preliminary revenue, clinical volumes and cash holdings based on unaudited Q425 and full year 2025 results provided on January 12, 2026.
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$349 $755 $63 $45 $412 $800 FY 2024 FY 2025 Pharma R&D Services Molecular Profiling Services Strong Revenue Performance ©2026 Caris Life Sciences 23 Total Revenue ($ in millions) +94% Total revenue increased to $800MM, an increase of 94% YoY Molecular Profiling Services revenue increased to $755MM, an increase of 116% YoY Pharma R&D Services revenue decreased to $45MM, a decrease of 29% YoY +116% -29% * Approximate preliminary revenue and clinical volumes based on unaudited Q425 and full year 2025 results provided on January 12, 2026.
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$2,143 $3,788 FY 2024 FY 2025 162,900 199,300 FY 2024 FY 2025 $349 $755 FY 2024 FY 2025 Robust Momentum Across Molecular Profiling Services ©2026 Caris Life Sciences 24(1) Volume rounded to nearest 100. +22% Clinical Revenue ($ in millions) Clinical Volume (1) Clinical ASP +116% +77% * Approximate preliminary revenue and clinical volumes based on unaudited Q425 and full year 2025 results provided on January 12, 2026.
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ASP Benefits From Ongoing Payer Contracting ©2026 Caris Life Sciences 25 $2,200 $3,950 $1,600 $150 FY 2024 FY 2025 $1,650 $845 $280 $2,775 FY 2024 FY 2025 (Prior Year True-up) (Prior Year True-up) • FY 2025 Tissue ASP of $3,950 increased 80% YoY • True-ups from prior period collections added ~$150 to ASP • Strength driven by FDA approval of MI Cancer Seek • FDA approval has enhanced positioning with all payer types, leading to success executing commercial agreements • FY 2025 Blood ASP of $2,775 increased 68% YoY • True-ups from prior period collections added ~$280 to ASP • Strength driven by positive trends across payers Tissue Therapy Selection ASP Blood Therapy Selection ASP * Approximate preliminary ASP based on unaudited Q425 and full year 2025 results provided on January 12, 2026.
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©2026 Caris Life Sciences 26